Best Payday Loan Alternatives for Bad Credit of February 2024

Last Update: October 12, 2023 Loan Reviews Loans

The gap between payday loans and personal loans is huge. Alternative payday loans can be categorized as everything that is between personal loans and payday loans. They offer up to $5,000, and the APR is typically between 35.99% to 400%. Alternative payday loans approve people with really bad credit. Most of them even don’t check people’s credit histories. However, they check your income, debt-to-income ratio, workplace, etc. Be careful because these loans are still expensive, and there is a risk of the debt cycle. However, they can save people with really bad credit and no other options than payday loans.

In this guide, we will explain everything about them. However, before reading the article, we highly recommend that you watch our video on personal loans. There we explain how people with bad credit can get approved on a personal loan.

Best Payday Loan Alternatives for Bad Credit of February 2024

Loan Company:Min. Credit Score:APR:Amount:
ZippyLoan0Vary$100 – $15,000
LifeLoans0Vary$100 – $40,000
VivaLoan0Vary$100 – $15,000
PickALender0Vary$100 – $40,000
FundsJoy0Vary$100 – $5,000
WhiteRockLoans0Vary$100 – $5,000
OppLoans059% – 160%$500 – $4,000
RiseCredit060% – 299%$500 – $5,000
NetCredit034% – 155%$1,000 – $10,000
PossibleFinance0150% – 200%$50 – $500
FigLoans0176% – 229%$50 – $800

What are Alternative Payday Loans?

When it comes to bad credit, people often end up getting payday loans. Do you know that there is a totally new type of loan company called alternative payday loans? Many people don’t even know about them and skip them …

If we have to categorize online loans, there are two main loans: personal and payday loans. Personal loans come with an APR of less than 35.99% and up to $100,000. Payday loans typically come with an APR of 400% and an amount of up to $1,000.

If you have bad credit, your chances to qualify for a personal loan with an APR of up to 35.99% are limited. Many people who don’t qualify for online personal loans end up with predatory payday loans. Don’t do this!

The lending market is much more flexible these days. Alternative payday loans have entered the stage.

Although there is no official definition, we typically define them as loans between personal and payday loans.

In brief, these are online loans that are more expensive than personal loans and offer less money, but getting approved for them is super easy.

There is still insufficient information on this topic, and we decided to dig deep into these companies and explain everything about them. Are they a good option? Are they legit, or maybe predatory like payday loans? When to use them, and when not? We will answer all of the questions and explain everything in detail, but before that, let us give you an overview of all options to borrow money if you have bad credit. You are probably reading this article because you have bad credit and want to learn more about all the options, right?

Online Unsecured Personal Loans. If you qualify, you can get up to $100,000 with an APR of up to 35.99%.

Online Secured Personal Loans. Secured loans are like regular personal loans, but the lender requires you to put something as collateral.

Alternative Payday Loans. We will explain more about them carefully later in this article.

Credit Cards for Bad Credit.

Credit Unions and Banks. Most banks will say no to bad credit. However, credit unions try to evaluate more factors like your ability to pay off the loan, but they still have some requirements, which are not too strict. Still, you won’t be approved if you don’t meet them.

Other options. We will discuss these later.